S. Res. 554 is a Senate resolution recognizing that climate change is a major driver of skyrocketing home insurance premiums across the United States. The resolution points to dramatic increases in insured losses from natural disasters—rising from $8.4 billion annually in 2000 to over $100 billion today—and notes that insurance costs have more than doubled between 2013 and 2022, now accounting for over 20 percent of mortgage payments in some areas. Premiums are rising 40 percent faster than inflation, with projections for another 8 percent increase in 2025, and certain states face particularly high costs, including Florida averaging $14,000 annually and Louisiana nearly $11,000. The resolution affects homeowners nationwide who are struggling with affordability as lenders increasingly require insurance to approve mortgages. While this is a non-binding resolution rather than legislation that creates law or allocates funding, it formally expresses the Senate's position that failing to address climate change will continue making housing increasingly unaffordable for Americans.
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